Ericsson’s owners are reportedly considering CEO Börje Ekholm’s future at the company.

Swedish publication EFN claimed this week that the main owners of Ericsson, the Wallenbergs, have lost patience with the CEO.

EFN reports that Ekholm’s relationship with chairman Jacob Wallenberg and Marcus Wallenberg, who is also CEO of Swedish bank SEB Group, has gone from friendly to “icy cold.”

The economy-focused website claims that the vendor is ready to push for his departure.

Ekholm has been CEO of Ericsson since 2017, when he replaced Hans Vestberg in the role.

He joined Investor AB, a holding company controlled by the Wallenberg family, in 1992 and eventually became CEO of the company in 2005. A year later, he joined the Ericsson board.

EFN notes that sources have suggested the company’s acquisition of Vonage in 2022 has been one of the main issues.

The $6.2 billion acquisition has not gone as expected. EFN claims that since the acquisition, Ericsson has had to write down the value of Vonage by 43 billion Swedish kronor ($4.38bn) – two-thirds of the original value.

Ekholm himself even acknowledged the deal hadn’t gone as planned, stating he was responsible for the purchase of Vonage and its deteriorating performance.

The publication also reports that Ekholm has focused his time heavily in the US recently, something that has not gone down well with the Wallenbergs. The article goes on to claim that Ekholm “only visits the headquarters in Kista in exceptional cases.”

Ekholm has previously said that Europe is falling behind, while suggesting that Ericsson could even look at relocating its HQ to the US.

The vendor’s other major owner is the investment company Industrivärden, which is controlled by Fredrik Lundberg. EFN claims that Lundberg is keen to get rid of Ekholm.

Jan Carlson has been touted by the publication as a possible future CEO. Carlson is a former CEO of Swedish automotive safety supplier Autoliv.

He has been an Ericsson board member since 2017 and was appointed chairman of the board at the vendor in 2023.

In response to EFN’s report, Ericsson told DCD that it “doesn’t comment on rumor or speculation.”